Emerging Innovative Entrepreneurs After Lock-Down Period
Entrepreneurs and startups have been opportunistic in this lock-down period. Entrepreneurship is a hot topic in the recent world of 21st century and especially in a country like Nepal, which is in developing phase, we can see a lot of aspiring entrepreneurs who are paving the way in creating jobs and opportunities lately. First and major questions that arise while starting a new startup are; is it only about having huge capital, skill manpower, or handling legal procedures? Raising funds to start or scale up your business would also be difficult when you don’t have enough savings. Researching the market, customers, and existing similar products/services is another challenge as it is difficult to find information on past records. In the context of Nepal, occasional strikes can also affect an organization, probably more to firms who rely upon supply chain and other operations.
Challenges for Entrepreneur for business security in Nepal
Accompanying to e-commerce, the main challenges in Nepal are unregistered companies doing random business. That reflects a bad impression of certain businesses in the market. Product and service delivered are quite low in quality in comparison to variations as shown virtually, poor delivery services, and the high price of the products are few unhealthy business practices in the e-commerce industry of Nepal. The other problems are lack of assets, train manpower, costly advertisement as well as high turn-about ratio of employees. For an entrepreneur, it is not very difficult to register a company. Most parts of company registration can be done online. However, at times there are unnecessary or excessive documents required and the legal process might be a hectic job.
Business is all about investment and income later. Eventually, you will have to play a safe game in terms of tax and business policies. There are good procedures and guidelines depending on what kind of investment it is. Often times, it is the bureaucrats and their non-cooperative behavior that makes the legal process complex. This is what emerging entrepreneur of Nepal have to say regarding the startups and the business security. Also, they encourage the new startups to focus more on research rather than flushing their investments experimenting any business randomly. In context of Nepal there are many people who start a business without any research which tends to stumble and then collapse in very short period of time. Many organization and business houses fell short of the entrepreneur’s false expectations that doesn’t actually meet with the current market scenario.
Factor Affecting startups and entrepreneurs in Nepal
Talking about other factors that might affect the startups and challenge the entrepreneurs, stable internet has always been an issue. Nowadays people have degrees but not core experiences in the related fields. Therefore, research and development are essentials for most of the entrepreneurs and for non-entrepreneurs as well. Though it is quite easy to find opportunities to start a startup in Nepal, moving towards a proper solution is a rough road. Every organization, even startup needs support or product of some other companies in their journey and for a successful economy, if every node of these networks is healthy, new companies can thrive.
However, as a hopeful entrepreneur in Nepal, one will soon realize such network does not exist. Establishing companies first faces an automated sense of dependency on other countries, which in turn undervalues innovation at the local level and mobilization of local resources. There are lots of issues one has to face in government offices.
The challenge pledges in resounding yourself that you can start and run a company here in Nepal. It is yet another risk to establish a core team for a company. Because, after working for a certain period, people want to go abroad. Generally, Nepalese here lack patience and seek short-term gains. They do not seem to value intangible factors such as learning and personal development. Nepal ranks at 107 in the World Bank’s ease of doing business index. For someone who is just starting out, it can be very complicated. We still hope that our legal process can be improve and simple. So that, any aspiring and existing entrepreneurs do not have to go through hassles just to start and operate a business here in Nepal.
Positive effect of Lockdown To entrepreneur in Business security
Despite all the challenges and difficulties for entrepreneur for business security in Nepal to start up the new business; Lock-down might have slightly helped them and buy more time to think about the future and upcoming consequences. For example, agricultural industry, gig economy, the tech industry, and e-commerce businesses seem to be growing and have lesser effect of the lock-down. As people are becoming more and more conscious about their health, hygiene, and safety; eating healthy becomes the first priority and core need. Because of, which there has been an increase of investors in agriculture businesses and farming.
Lock-down period affected the business houses keeping them in a dilemma whether to run the business or not. If yes then how to? Nevertheless, at the same time, tech industry has rapidly developed new innovative ideas and platforms to run the businesses smoothly. Nepalese entrepreneurs have also been found enthusiastic in the tech industry to enhance the systems for all the sectors. It’s not only about entrepreneurs but the entire existing system of education and health sector has been massively modified. Although Nepal is a developing country, we are back-warding various sectors like technical, research, health and education. More innovative tools got discover, few of them recently generate to trigger the better facility.
Nepalese people always tend to be in rush, taking whole advantage of this habit innovative entrepreneurs are leading the gig economy of Nepal. Work from home has been the new working culture, which unintentionally increased the number of freelancers in the gig economy. This period gave sufficient time to learn more and do more so that one could come up with startup ideas. A group of innovative Nepalese developed a technology that will deliver the necessary items and medications to the patients in the isolation wards. So that, human interaction with the COVID– 19 patients could be avoided.
New online activities paced up rapidly while people excessively explored about the internet of things during the lock down period. More than being sophisticated about the business investments. People all around the globe are being innovative and engage in social works, and also been busy being the helping hand. By switching all the tasks to remote based working prior to the lock-down. Many enjoy the freedom to work at their own space and time of choosing. This increased the number of people working digitally and virtually also letting them to volunteer in time of crisis.
Besides these, life has been slow and we all are going to face the effect of the crisis for a long time, the nation’s economy is halted already. People will be more heath cautious than they used to be and more innovative ideas will generate for sure to overcome the pandemic situation. As this lock-down period have been very useful for sharp minds although the country’s situation is dreadful in overall sectors. Nonetheless, we hope to witness more innovations from the innovative minds and entrepreneurs in the newest technologies for the betterment of the country and its people worldwide.